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HAR - Harmony Gold Mining Company Ltd - Press Release

Release Date: 29/07/2010 14:48:51      Code(s): HAR
HAR - Harmony Gold Mining Company Ltd - Press Release                           
Harmony Gold Mining Company Ltd                                                 
Incorporated in the Republic of South Africa                                    
Registration number: 1950/038232/06                                             
JSE Share code: HAR                                                             
NYSE Share code: HMY                                                            
NASDAQ Share code: HMY                                                          
ISIN: ZAE000015228                                                              
PRESS RELEASE                                                                   
PROMISING FUTURE FOR WAFI-GOLPU AS HARMONY REPORTS FURTHER SIGNIFICANT INCREASE 
IN THE MINERAL RESOURCE                                                         
Johannesburg. Thursday, 29 July 2010. Harmony Gold Mining Company Limited       
(Harmony) is pleased to announce a significant increase in the Mineral Resource 
at the Wafi-Golpu porphyry copper-gold project in Papua New Guinea (PNG), which 
is part of the company`s 50/50 joint venture with Newcrest Mining Limited. The  
mineral resource for Wafi-Golpu now contains 16 million ounces (Moz) of gold and
4.8 million tones (Mt) of copper. Expressed as gold equivalents, this resource  
amounts to 38.5 Moz of gold, which spells an exciting and promising future for  
this project and also provides great opportunities for investors.               
The increase in the Mineral Resource is due to the discovery of a new zone of   
mineralization directly adjacent to the previously defined Golpu resource. The  
mineralization has been extended by the drilling along strike to the northeast  
and at depth. The estimate is based on an additional 19 179 m of drilling in 22 
PQ/HQ/NQ diamond drill holes.                                                   
Contained metal at Golpu only, has increased from the 2007 mineral resource     
(163Mt at 0.57 g/t Au, 1.08% Cu, 132 ppm Mo) as follows:                        
-    gold increased from 3.0 to 8.8 Moz of gold;                                
-    copper increased from 1.8 to 4.8 Mt of copper;                             
-    molybdenum increased from 22 to 55 kt of molybdenum; and                   
-    on a gold equivalent basis the deposit increased to 30.9 Moz Au equivalent.
Harmony CEO Graham Briggs says, "These results have a profoundly positive impact
on our future resource base and drilling results continue to prove that         
investing in exploration was a very good long term decision."                   
The drill programme at Golpu is testing an exploration target in the range of   
500 to 800 Mt at high grades of between 0.7% and 1.1% copper (Cu) and 0.5 to    
0.7g/t gold (Au) for 8 to 18 Moz of gold and 3.5 to 8.8 Mt of copper. This      
target includes the current resource(2).                                        
Briggs adds, "We have now added significant size to what is one of the highest  
grade copper gold porphyries in South East Asia and potential for further growth
in this Mineral Resource remains highly promising."                             
Over the broader project area including the Wafi gold deposit, a number of      
targets have been earmarked for follow-up testing, with several that already    
contain significant gold intercepts. At Golpu, the mineralized footprint of the 
deposit now extends over 700m of strike and remains open to the north and at    
depth. The ongoing drilling programme, involving five drill rigs continues to   
expand high-grade zones of mineralized porphyry.                                
WAFI-GOLPU PROJECT MINERAL RESOURCE (1,2) AS AT 30 JUNE 2010                    
Deposit  Tonnes   Gold     Copper    Gold     Copper   Gold                     
        (Mt)     g/t      %         Moz      Kt       Equivalent*               
                                                      Moz                       
Golpu    501      0.54     0.95      8.8      4767     30.9                     
Nambonga 40       0.79     0.22      1.0      86       1.4                      
Wafi     96       1.55               4.8               4.8                      
Wafi                                                                            
Link     7        6.62               1.4               1.4                      
Total    644      0.77     0.75      16       4853     38.5                     
* Gold equivalent is calculated using a gold price of US$950/oz Au and $4 412/t 
Cu at 100% recovery for both metals                                             
GOLPU MINERAL RESOURCE(1), BY RESOURCE CLASSIFICATION                           
Resource   Lode         Tonnes  Grade Grade  Grade Contai  Contained  Contained 
Code                    (Mt)    Cu    Au     Mo    ned     Au (Moz)   Mo        
                               (%)   (g/t)  (ppm) Cu                 (`000t)    
                                                  (`000t                        
)                             
Indicated  Supergene    5       2.53  0.44   68    120     0.1        0.3       
          Porphyry     85      1.32  0.66   110   1,122   1.8        9.3        
Subtotal indicated      90      1.38  0.65   108   1,242   1.9        9.7       
Inferred   Supergene    9       0.77  0.45   65    68      0.1        0.6       
          Porphyry     88      1.82  1.10   42    1,606   3.1        3.7        
          Metasediment 314     0.59  0.36   132   1,851   3.6        41.5       
Subtotal inferred       411     0.86  0.52   111   3,525   6.9        45.7      
Total                   501     0.95  0.54   111   4,767   8.8        55.4      
Note:     The Measured and Indicated Mineral Resources are inclusive of those   
Mineral Resources modified to produce the Ore Reserves. The estimates of Ore    
Reserves and Mineral Resources in this statement were prepared in accordance    
with the standards set out in the "Australasian code for Reporting of           
Exploration Results, Mineral Resources and Ore Reserves - The JORC Code"        
(December 2004) as published by the Joint Ore Reserve Committee of the          
Australian Institute of Mining and Metallurgy, Australian Institute of          
Geoscientists and Minerals Council of Australia (JORC) The JORC code is accepted
reporting standard for the Australian Stock Exchange (ASX).                     
The Exploration Results, Mineral Resources and Ore Reserves in the summary      
tables are based on information compiled by Michael Smith who is a corporate    
member of the Australian Institute of Mining and Metallurgy and is a Competent  
Person as defined by the code for reporting of Mineral Resources and Ore        
Reserves in relation to the mineralization being reported on and consents to the
inclusion in the report of the matters based on his information in the form and 
context in which it appears. Michael Smith is a full-time employee of Harmony   
Gold (PNG Services) (Pty) Ltd.                                                  
Expressed in 100% terms. Harmony`s interest is 50%.                             
Refer to www.harmony.co.za for details on Wafi Resources and the Golpu          
exploration target guidance.                                                    
Refer to Harmony`s website, www.harmony.co.za for a diagram of the schematic    
section 21000N indicating the new resource outline                              
For more details contact:                                                       
Graham Briggs                                                                   
Chief Executive Officer                                                         
On +27 (0)83 265 0274                                                           
Or                                                                              
Marian van der Walt                                                             
Executive: Corporate and Investor Relations                                     
On +27 (0)82 888 1242                                                           
Or                                                                              
Esha Brijmohan                                                                  
Investor Relations Officer                                                      
On +27 (0)82 759 1775                                                           
Corporate Office:                                                               
Randfontein Office Park                                                         
PO Box 2                                                                        
Randfontein                                                                     
South Africa 1760                                                               
T: +27 (0)11 411 2000                                                           
www.harmony.co.za                                                               
29 July 2010                                                                    
Sponsor:                                                                        
J.P. Morgan Equities Limited                                                    
Date: 29/07/2010 14:48:51 Supplied by www.sharenet.co.za                     
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